The IRS requires you to amortize this initial franchise fee over 15 years, rather than all at once. The good news is that for the next 15 years, you’ll have that as a tax deduction! This will be entered as a business asset. Here's how:
Business Assets...start
Describe Asset....Intangibles
Amortizable intangibles
Describe... franchise fee...cost $49,500...date
None of the above
I used 100% for business...date you started using it
Code 197
The amortization amount is computed as if the asset will be held for 15 years. If it is not renewed at the end of the ten years, the remaining balance can be deducted in the 10th year.
If you have other questions about this, ask in the comment section below.
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No, they are not. Schedule K1 is for partnerships, S-corporations, estates, and trusts. Schedule Q is for Real Estate Mortgage Investment Conduits. They are all potential sources of income. An IRA is a retirement plan, actually an Individual Retirement Arrangement.
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Medicare is not considered Obamacare. When going through the Health Insurance section, all you have to do is indicate that you have health insurance coverage all year (if applicable) and that you were not enrolled in other plans (such us Obamacare of Healthcare.gov plan).
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If your return will not change with the addition of the W2 (nontaxable) you will not need to amend. However, you can try amending and see if anything changes. If it does, amend it. If not, do not amend. Instructions for amending are not quite ready. Here is how to amend:
https://ttlc.intuit.com/replies/3288565
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You complete the information for this in the Michigan State Tax Return. Under the section "Michigan Credits & Taxes" you will start Home Heating Credit. There will be several questions about your situation. In case you don't know, here are the qualifications for this credit:
You can claim this credit if your household income is low, depending on the number of exemptions you claim on your return, and you paid home heating bills between November, 2017, and October, 2018. The maximum eligible household income is: $13,357 if you claim none or one exemption on your tax return $18,129 if you claim two exemptions $22,871 if you claim three exemptions $27.614 if you claim four exemptions $32,386 if you claim five exemptions $37,129 if you claim six exemptions The maximum household income of $37,129 increases by $4,743 for each exemption you claim over six. You may qualify for an alternate credit if your household income isn't over $14,472 and you claim none or one exemption if your household income isn't over $19,475 and you claim two exemptions or if your household income isn't over $24,483 if you claim 3 exemptions or if your household income isn't over $24,918 and you claim 4 or more exemptions.
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Is there any way this could this be you? For tax years beginning on or after January 1, 2017, the Illinois Property Tax Credit is not allowed if a taxpayer’s federal Adjusted Gross Income (AGI) exceeds $500,000 for returns with a federal filing status of married filing jointly, or $250,000 for all other returns. If not, go back through the interview and make sure you have entered the PIN. During this process, TurboTax will tell you if you get the credit. If that is not the case, you can try to delete the state and try again.
https://ttlc.intuit.com/replies/3450510
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